The latest fears prompted by the new COVID-19 variant pushed all global markets and bitcoin south again. BTC dipped below $46,000.
Bitcoin’s suffering continues as the cryptocurrency failed at $47,000 and dropped below $46,000. Most altcoins are also well in the red, with Ethereum trading beneath $3,800 and Binance Coin close to breaking below $500.
Data findings from Australian researchers confirm that Ethereum, the second-leading crypto asset by market cap, has greatly outperformed Bitcoin, the flagship crypto, as a more superior store of value.
According to an Australian university research paper dated November 18 but published on December 02, four researchers questioned the reputation of Bitcoin as the best store of value in the cryptocurrency industry.
Oil rebounds as Saudi Arabia boosts prices
Oil prices are bouncing back on Monday, up more than 2% after coming under significant stress last week. Reports of Saudi Arabia raising crude prices are apparently behind the move, although I’m not entirely convinced. Sure, it portrays confidence in the markets but it doesn’t alter the uncertain outlook in any way. I think it’s probably just a risk rebound as we’re seeing elsewhere.
The dollar edged higher against safe-haven currencies such as the yen and Swiss franc after reassuring news on the Omicron COVID-19 variant, while units like the Australian dollar that had weakened in recent weeks on growth worries also advanced.
ALGO is the only larger-cap digital asset in the green today, as Bitcoin, Ethereum, Binance Coin, and all others have plunged once more.